Insurance is offered in Blackjack whenever the dealer is showing an Ace and the other card is covered.

The concept of insurance is that you are betting the odds that the dealer has a Blackjack. If you want insurance, you place half the size of your bet in the insurance spot on the table. If the dealer does have Blackjack, you receive 2-1 on your insurance bet. You are essentially winning your initial bet back when the dealer has Blackjack, for a net of 0 dollars on the hand and the insurance bet. If the dealer does not have Blackjack, you lose your insurance bet and continue on with the hand.

Most times that you will see insurance utilized is when a player has Blackjack. Often the player will say “I’ll take even money” which means they are forfeiting the 3-2 blackjack bonus to ensure they win their initial bet. They are essentially putting up the insurance, and if the dealer has Blackjack they push on their blackjack and win on the insurance, and if the dealer doesn’t they lose the insurance bet but get in back when getting paid 3-2 on their own Blackjack. Sometimes you will also see someone with a 20 place money on insurance to “protect” their hand from the Blackjack.

Insurance is a sucker bet, plain and simple. You should never take it, ever. Statistically speaking, there are 9 cards that do not make Blackjack for the dealer, and only 4 cards that make Blackjack. The casino is paying out 8:4 (or 2:1) on a 9:4 event. You will lose money over time if you take insurance.

I have on occasion taken even money, but only when I have a large bet on the table that will make a significant difference to my stack OR if I am very close to hitting a target and taking even money gets me there. So there may be times that you are compelled to take it, and I understand if you do. Just know that the perfect Blackjack strategy never includes taking insurance.

By Sherman Choo
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